So I've got this personal injury case. It was a really good case. Defendant is clearly liable. Plaintiff is a sympathetic figure. Might have been worth 200K. I was moving the case along well.
As we got close to trial, I find out the defendant (a large corporation) filed for bankruptcy. That means a stay -- you have to wait while the bankruptcy process works itself out. Then they create this process for resolving tort claims. I go through the process.
Today I get an offer for under half of what the case is really worth. But wait, there's more. If we agree to a number, the client would become an unsecured creditor, which is the last place in line for the bankruptcy. We would get some percentage of the agreed amount, maybe as low as 10%.
I'm hopeful it is higher than 10%. I read the original filing - the corporation had more assets than liabilities. What the hell kind of bankruptcy is that? I know what kind it is. It's the "screw Warren and his clients" kind.
Okay, seriously, this is part of the life of a personal injury lawyer. I told my client about it and she was actually worried about me getting enough money out of this (I told you she was sympathetic). I explained that this was hopefully her only personal injury case, while I will have hundreds, perhaps thousands over my career.
Now this badly injured woman, who still hasn't completely recovered, is going to get squat while the corporate executives are probably getting 7-figure salaries.
And Congress reformed the bankruptcy laws applicable to regular people.
That's enough of that rant. The lesson here for personal injury lawyers (as if anyone actually reads my blog :-) ) is to move your cases before something takes the floor out from under them, and recognize that there's no sure things out there.
